OnlyFans Founder Joins TikTok US Bid With HBAR Foundation

Tim Stokely, the founder of OnlyFans, has joined forces with the HBAR Foundation to present a last-minute bid to acquire TikTok’s US operations. This move comes as ByteDance, the parent company of TikTok, faces an April 5 deadline to either sell the platform or face a ban in the United States. The bid was submitted by Zoop, a new social media venture co-founded by Stokely and RJ Phillips, who serves as CEO. Phillips has a background in influencer marketing strategy, and the HBAR Foundation manages the treasury of the Hedera blockchain. For Zoop, this bid represents a "David vs. Goliath" moment against traditional social media giants, aiming to put power back in the hands of creators through better revenue sharing arrangements.

The field of potential buyers for TikTok is expanding, with over 170 million American users making the platform highly desirable. Other companies that have previously expressed interest include Microsoft, Walmart, and Oracle. One potential deal involves bringing on US investors including Larry Ellison’s Oracle and private equity firm Blackstone. Reddit co-founder Alexis Ohanian has also joined a bid led by billionaire businessman Frank McCourt, with plans to bring TikTok on-chain. Perplexity AI has advocated for taking over TikTok, claiming it is the best choice for an American company to acquire the platform.

The White House is heavily involved in the sale process, with President Donald Trump and Vice President J.D. Vance reviewing proposals ahead of the April 5 deadline. The legislation requiring ByteDance to divest took effect on January 19, with bipartisan support due to concerns about potential Chinese government influence over the platform. Critics argue that Beijing could exploit the app to conduct surveillance or spread disinformation, although ByteDance has repeatedly denied these claims. Trump delayed enforcement of the law until April 5 to give time to reassess the security implications and potentially find a buyer for the platform. One option being considered is an arrangement where American investors purchase TikTok while ByteDance retains ownership of the algorithm, leasing it to the buyer. However, China has given no indication that it would be willing to sell the app’s algorithm, as exporting this type of technology would require China’s approval under restrictions introduced in 2020.

Phillips emphasized that Zoop is focused on building platforms that truly prioritize creators. "Tech platforms for businesses like this should merely be the facilitator for creators. Creators have a hard enough time making steady income," he said. "For us it’s always going to focus on creators first, and not on shareholders first." The HBAR Foundation’s involvement could potentially work in Zoop’s favor, as the company operates the Hedera network, described as a secure, transparent, and enterprise-grade public ledger blockchain technology based in the US. The outcome of this high-stakes takeover will be determined as the April 5 deadline rapidly approaches.